Going by data available with market regulator Sebi, these 8 firms had targeted to infuse about Rs 297 crore to buy out shares from the public shareholders through open market route on the stock exchanges.
Together, these companies utilised an amount of Rs 221.99 crore or about 75 per cent of the targeted funds planned for the purpose. In the process, these companies have repurchased 2.84 crore of their shares.
During the April-June period, the largest buyback included that of Maharashtra Seamless which spent nearly 69.21 per cent of the Rs 100 crore it had fixed under its buyback plan.
The pipe maker had begun its buyback programme on May 14, 2013 and closed it on April 7, this year.
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Other major buyback deal was that of Motilal Oswal Financial Services that used 86 per cent or Rs 56 crore to repurchase as many as 70.72 lakh shares. The company had sought to attain a maximum buyback of 75 lakh shares.
Presently, companies can buyback shares in two ways -- open market and tender offer.
In an open market offer, firms can buyback shares from shareholders without knowing the buyer, while tender offer involves the company writing to its shareholders individually to know their willingness for sale of shares in the buyback.
In August last year, the Securities and Exchange Board of India (Sebi) introduced new buyback norms under which it has become be mandatory for companies to repurchase at least 50 per cent of their offers.
Those not able to meet the target will be barred from launching another offer for one year while they could also be imposed with a maximum penalty of 2.5 per cent on the funds lying in the escrow account.